Jeremy Corbyn accused of wanting Soviet-style capital to replace City

Jeremy Corbyn told the City to expect radical change if Labour came to powerSIMON DAWSON/REUTERS

Jeremy Corbyn’s threat to make the City of London a “servant” of industry risks ruining a national asset, finance chiefs said last night.

The Labour leader vowed that he would be the first prime minister in 40 years to stand up to the “unfettered power of finance” and to curb its “out-of-control gambling” as he attacked Britain’s biggest exporting industry. The finance and banking sector accounts for more than £5 of every £100 of tax raised, experts said.

Mr Corbyn used a speech to EEF, the manufacturing body, to tell the City to expect radical change from a Labour government. “There can be no rebalancing of our distorted, sluggish and unequal economy without taking on the unfettered power of finance,” he said. “Its dominance over…